Posted by: bw
10/20/2004, 22:29:26
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Can the seller do this? Here's the situation:
We have a signed contract to purchase a home; it is contingent on the sale of our exisiting home; the contract says it will be closed with in 60 days, the contract on the new house that is. The seller supposedly had a contract on another home that did not have a contingency. Now, one of the sellers has lost their job, and the other is unstable. So they "supposedly" got out of the "contract" they had on their new home and now have come to us, the buyer, and said they are voiding our contract with them to buy their house and returning our earnest money. The only reason is b/c of their jobs. Our realtor talked with and was told by his boss, that a contract w/ contingency is not fully executed and full and in force until the contingencies have been met or either removed. Therefore, they can get out of the contract because of this, basically for any reason they can come up with. Is this true? If so, what is the purpose of having a contract?
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